DOs
DO - Keep originals of or be able to access all pay stubs, bank statements and other important documents on employer/bank websites.
DO - Provide your earnest money deposit from your own personal bank account or acceptable gift funds. Please talk to your Loan Officer or Loan Coordinator for additional clarification. This will present a very difficult problem if not managed properly in the beginning.
DO - Provide all documentation for the sale of your current home, including the sales contract, the closing statement and an employer relocation/buy-out program, if applicable.
DO - Notify your Loan Officer or Loan Coordinator if you plan to receive gift funds for closing. Gift funds are acceptable only if certain criteria are met. Advances from credit cards for down payment/closing costs are never acceptable.
DO - Be aware that a new credit report could be pulled just prior to closing.
DON’Ts
DON’T - Close or open any asset accounts or transfer funds between accounts without talking with your Loan Officer about the proper documentation required for your loan. For example, before transferring all funds from your savings to your checking, check with your Loan Officer.
DON’T - Deposit any monies outside of your automated payroll deposits, particularly cash or sale of personal property, without notifying your Loan Officer or Loan Coordinator. Many guidelines require substantial documentation as to the source of these deposits.
DON’T - Change jobs/employers without inquiring about the impact this change might have on your loan.
DON’T - Make major purchases prior to or during your contract, such as a new car, furniture, appliances, etc. as this may impact your loan qualification.
DON’T - Open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process as it may impact your qualifying loan amount
Ready to Buy
Your First Home or Next Home?
Mortgage Home Purchase Loans without the Hassle!
Need financing options on a home, or other real estate? Choosing a purchase loan product that matches your goals and making sure you get a favorable rate doesn’t have to be stressful!
We’re here to make the home loan process easier, with tools and knowledge that will help guide you along the way, starting with a pre-approval letter request***.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you, whether you’re a first-time homebuyer or a repeat buyer.
The Home Purchase Loan Process
Here’s how our home purchase loan process works:
- Complete our simple mortgage pre−approval letter request
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
*Debt-To-Income (DTI) ratio is monthly income debt/expenses divided by gross monthly income. **This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.***Pre-approval is based on a preliminary review of credit information provided to Fairway Independent Mortgage Corporation which has not been reviewed by Underwriting. Final loan approval is subject to a full Underwriting review of support documentation including, but not limited to, applicants' creditworthiness, assets, and income information, and a satisfactory appraisal. ****VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.
Do I Qualify?
To determine if you qualify, lenders review your total monthly debt (proposed housing payment + regular monthly debt) as a percentage of your total gross monthly income. The acceptable percentage (DTI) will vary depending upon the specific loan program for which you apply.
Qualify Me Now!
